Answers for homebuyers, homeowners, and refinancers
Get quick answers to common mortgage questions — from loan options and pre-approvals to refinancing, closing costs, and first-time homebuyer programs.
What types of home loans do you offer?
We offer a full range of loan products — including Conventional, FHA, VA, Jumbo, Non-QM, and Private Money loans — tailored to fit each borrower’s situation. Our team helps match you with the right program based on your credit, income, and goals.
How do I know if I qualify for a mortgage?
Qualification depends on factors like credit score, income, employment history, debt-to-income ratio, and down payment. We provide free pre-approval consultations to help you understand your options and prepare a strategy before you start shopping for a home.
What’s the difference between pre-qualification and pre-approval?
A pre-qualification is an initial estimate based on basic financial info. A pre-approval is a verified review of your income, credit, and assets — giving you stronger buying power when making an offer.
When should I consider refinancing my mortgage?
You may want to refinance if you can lower your rate, shorten your term, remove PMI, switch loan types, or access cash from your home’s equity. We help homeowners evaluate timing, costs, and benefits.
What’s included in my monthly mortgage payment?
Typically: principal, interest, property taxes, and homeowners insurance (PITI) — and sometimes mortgage insurance, depending on your loan type and down payment.
How long does the loan process take?
Most home purchases close in 21–30 days, while refinances average 2–3 weeks from when we have a complete loan file. Timelines can vary based on property type, documentation, and appraisal requirements.
Do you work with first-time homebuyers?
Absolutely. We specialize in helping first-time buyers with education, down-payment assistance, and programs that make homeownership more affordable and stress-free.
What are closing costs and how much should I expect to pay?
Closing costs usually range from 2–4% of the purchase price on purchases and cover appraisal, title, lender fees, and more. Refinances are typically 1–3% of the loan amount depending on the situation. We provide a detailed estimate upfront so there are no surprises.
Can I buy a home if I’m self-employed or have non-traditional income?
Yes. We offer bank-statement, 1099, and asset-based loans designed for self-employed borrowers and entrepreneurs — perfect for those who don’t fit the standard income model.
Why should I choose Millennium Mortgage Group?
We’re a local boutique mortgage bank that combines the flexibility of a direct lender with the service of a family-owned business. Our clients value our speed, transparency, communication, and relationships that last long after closing.